Last week proved volatile for the Bitcoin (BTC) market as prices retested the psychological $100,000 price level after a protracted correction that commenced in early October. Concurrently, the US Bitcoin Spot ETFs suffered greatly, witnessing a staggering net outflow of over $1 billion.
Bitcoin ETFs See $1.28B In Net Withdrawals As Price Struggles Persist
Recent data indicates that net outflows from twelve Bitcoin ETFs amounted to $558.4 million on Friday alone, bringing the total net withdrawals for the first week of November to $1.28 billion. This ongoing trend underscores significant caution among institutional investors as Bitcoin seeks price stability.
The largest outflow of the week was driven by BlackRock’s IBIT, which faced net withdrawals of nearly $581 million. The investment fund now maintains net assets of $82.28 billion, representing approximately 3.97% of the total Bitcoin market capitalization. Meanwhile, Fidelity’s FBTC also felt the brunt of investor concern, with net outflows reaching $438.30 million. Despite these withdrawals, FBTC retains a commendable position as the second-best performing Bitcoin spot ETF with cumulative net inflows of $12 billion.
Other notable players during this tumultuous week included Ark Invest’s ARKB and Grayscale’s GBTC, which suffered net capital drains of $128.92 million and $64.33 million, respectively. Additionally, VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC saw outflows ranging from $8 million to $13 million.
Conversely, Bitwise’s BITB and Grayscale’s BTC managed to generate net inflows of $4.69 million and $21.61 million, respectively, indicating some investor interest amidst the broader market malaise. However, Invesco’s BTCO, WisdomTree’s BTCW, and Hashdex’s DEFI recorded no net flows, reflecting a general atmosphere of caution despite heavy trading activity.
As of the latest updates, the Bitcoin spot ETFs have reported a net outflow of $1.22 billion for November. Nevertheless, the cumulative total net inflow for the twelve funds remains robust at $59.97 billion, with aggregated net assets currently dropping to $138.08 billion, a decrease of 6.5% from the end of October.
BTC Price Overview
At press time, Bitcoin’s price stands at $101,901, following a decline of 0.98% in the last 24 hours. Additionally, the daily trading volume has dipped significantly by 42.62%, now valued at $53.58 billion. Following the recent intense price corrections, Bitcoin is currently 18.93% away from its all-time high of $126,198.
Analysts at Coincodex suggest a potential market recovery within the next five days, forecasting that BTC could reach $129,442. However, they also anticipate some retracement, estimating that Bitcoin will stabilize around $111,963 within a month.
